Dec 21, 2012 4:00pm PST
goal. that can get down in 10 days. >> president obama there on the upcoming fiscal cliff. joining me now to discuss the standoff is the bbc's ben wright. thank you very much. was there anything in the president's speech that would give us any cause for optimism that is the cliff can beat averted? >> i thought his tone was interesting. he was optimistic an exasperated at the same time. he reminded people in congress they only have 10 days left to find a deal before there's this huge hike in taxes and cuts in spending. he said a deal of some sort is an achievable goal. he reminded people in congress that nobody can get 100% of what they want. democrats are trying to protect spending. republicans are fighting any tax increases at all, but he had a warning, too, and said it is not the time for more self-inflicted wounds. he knows the consequences of america going off the cliff. >> presumably, it is also not the time for more political posturing. we've had months now of this political theater. and the markets are reacting. they have closed down. surely the financial crisis is now upon us.
Dec 21, 2012 7:00pm PST
darren still ahead, our friday market monitor guest is looking beyond the fiscal cliff and he sees stocks moving higher in the new year. he's richard steinberg of steinberg global. >> susie: fiscal cliff fears, scared off investors today. stocks fell sharply, as those cliff negotiations broke down. all the major averages were down by about 1%. by the close, the dow tumbled 121 points, the nasdaq lost almost 30, and the s&p 500 was down 14 points. with just five trading days left this year, investors are beginning to look beyond washington politics. suzanne pratt reports. >> reporter: yes, there will be life for the u.s. stock market after the fiscal cliff. it may not seem so today, as stock investors ran for the exits even faster than washington lawmakers left town for the holidays. but, somehow, someway, sometime there will be a deal between congress and white house. and, once that happens equity investors will need to refocus. >> once we get into the new year, i think we're going to get right back into earnings season again. and, once again earnings season is what happened last quarter